Question

Exercise 20-09 (Part Level Submission) Sarasota Enterprises provides the following information relative to its defined benefit pension plan. $2,721,600 1,981,200 2,282,900 209,800 45,300 438,700 Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/20 balance, 0) Pension liability Other pension plan data for 2020: Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2020, projected benefit obligation Contributions to plan Benefits paid $94,100 42,300 130,600 175,900 254,500 92,800 139,400 (a) Your answer is correct. Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts parenthesis e.g. (45).) Components of Pension Expense Service Cost 94,100 $ Interest Cost 254,500 Expected Return on Plan Assets (175900) Prior Service Cost Amortization 42,300 Pension Expense 215,000

Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,200. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Other comprehensive income (loss) (3000) Comprehensive income (loss) 32200 SHOW SOLUTION LINK TO TEXT Attempts: 1 of 5 used (c) Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated other comprehensive income (loss)

Answer 1

Answer
Pension expense for 2020
Particular	Amount in $
Computation of pension expense:
Service cost$	$      94,100
Interest cost	$    254,500
Expected return on plan assets	-$    175,900
Prior service cost amortization	$      42,300
pnsion expense for 2020	$    215,000